The Energy Information Administration reported today that the US crude inventories fell 6.4 million barrels to 417.4 million barrels during the past week, while analysts forecast a drop by 3.5 million barrels.

Gasoline stocks fell 1.9 million barrels to 218.1 million barrels, and the distillate stocks fell 1.7 million barrels to 131.9 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 5.4 million barrels during the same period.

The major US stock indices opened higher on Wednesday, after the release of the US industrial production data.

Data showed that the US industrial production index rose 0.4% during the August, slightly lower than forecasts of 0.5%.

The CPI reading yesterday showed the largest slowdown in 6 month, which increased uncertainty about the Federal Reserve's next move.

Chairman Jerome Powell of the US Federal Reserve has hinted recently at reducing the size of the bond-buying program before the end of 2021, due to rising inflation and improving economic conditions.

As for stocks, Dow Jones rose 0.2% or 58 points to 34,636 as of 14:34 GMT, and S&P 500 rose 0.2% or 7 points to 4,450, while Nasdaq rose less than 0.1% or 1 point to 15,058.

The US dollar fell against a majority of rivals on Wednesday, on track for the first loss in 4 days, due to slow demand, following after weak data, ahead of the US industrial production data.

The dollar index fell 0.3% to 92.43 points, after opening at 92.67 points, and hit a high of 92.68 points.

The US dollar index gained less than 0.1% yesterday, in the third straight daily gain, thanks to strong safe haven demand after the US stocks fell.

The greenback's drop today comes on the back of weak inflation data in the US, which raised doubts about tightening the US monetary policy.

The data eased fears of rising inflationary pressures in the US, and led to a drop in the 10-year US Treasury bond yield, which fell more than 3% on Tuesday and hit a 3-week low at 1.263%.

Now investors await key US data on the output of the industrial sectors in the US during August, which accounts for 25% of the total US GDP. 

At 13:15 GMT, the US industrial production index reading will be released, amid forecasts to rise 0.5% in August from 0.9% in July, and the capacity utilization rate is expected to reach 76.3% from 76.1%.

Oil prices continued to rise as the US market opened on Wednesday, for the third day in a row, and hit a 6-week high, after the release of preliminary data on US crude inventories that showed a drop, and ahead of the EIA's weekly report.

US crude rose 1.4% to the highest since August 3 at $71.72 a barrel, after opening at $70.74, and hit a low at $70.68, and Brent crude rose 1.25% to the highest since August 2 at $74.80 a barrel, after opening at $73.88, and hit a low at $73.80.

The US crude gained 0.2% yesterday, and Brent crude rose 0.3%, in the third straight gain, due to concerns about US supplies.

The American Petroleum Institute reported in preliminary data that the US crude inventories fell 5.4 million barrels during the week ending September 10, while analysts forecast a drop by 3.5 million barrels.

The total US commercial inventories fell to 430 million barrels, which is the lowest level since the week ending October 4, 2019, in a positive sign of the US domestic demand.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 3.6 million barrels.

While the US output rose fell 1.5 million barrels last week, with the total at 10 million barrels per day, after Hurricane Ida disrupted nearly 95% of production in the Gulf of Mexico.